The Houthis have declared a ban on ships associated with Israel in the Red Sea, following renewed military actions by Israel against Iran. This decision raises significant concerns regarding global shipping and energy flows, particularly as Iran's closure of the Strait of Hormuz has already disrupted oil exports, causing a spike in prices. Saudi Arabia has responded by shifting over 70% of its crude exports to the Red Sea port of Yanbu, which has helped stabilize global oil prices. Any sustained disruption from the Houthis could pose serious challenges to energy markets, especially since their previous attacks on shipping in late 2023 led to major companies rerouting vessels around Africa, incurring higher costs. The Houthis, who emerged as a significant military and political force in Yemen, have previously attacked oil infrastructure in Saudi Arabia and the UAE. While they have been relatively quiet during the current Iran conflict, their recent threats suggest a potential escalation that could impact energy security worldwide.